Ares Management, a private equity firm, failed to acquire a 60% stake in private markets businesses of AMP, a diversified financial services company, for $1bn. “The proposed demerger would unlock further value in the Private Markets business by simplifying its structure, providing operational independence and enabling it to establish a new brand. Private Markets will also put in place a new management equity plan, to attract and retain talented investment professionals and management," AMP. On April 23, 2021; AMP to terminate the $1bn acquisition of a 60% stake in private markets businesses of AMP by Ares.